Healthcare artificial intelligence (AI) platform developer Ferrum Health announces that it recently raised $6 million in a funding round led by Urban Innovation Fund, Cercano Management, and Singtel Innov8.
“We are excited to have the support of Urban Innovation Fund, Singtel Innov8, and Cercano Management in our mission to bring AI to healthcare,” says Pelu Tran, CEO of Ferrum Health. “Our platform has already demonstrated its value to healthcare providers, and we believe it has the potential to revolutionize the way doctors deliver care to their patients.”
Ferrum has already seen significant traction for its Enterprise AI Platform, with healthcare organizations such as Sutter Health and Carle Clinic adopting its technology. The company’s AI platform uses advanced machine learning algorithms to analyze medical data, providing physicians with insights and recommendations that can help improve patient care.
Jason Wiesner, MD, chair of radiology at Sutter Health, says, “With AI becoming standard of care across the clinical spectrum, Ferrum Health’s AI platform has been a valuable tool for our doctors. It helps us quickly and accurately ensure the quality of important diagnoses, providing insights that can help us improve patient care. We are excited to continue with Ferrum Health as their platform expands.”
The company will use the funds to continue developing its Enterprise AI Platform, designed to help healthcare providers improve patient care and to expand its health system customer base to make intelligent healthcare accessible to all.
Julie Lein, managing partner of Urban Innovation Fund, adds: “Ferrum Health is building the ‘Plaid for AI’ in healthcare data. This powerful vision will transform the adoption of AI in clinical settings, reducing medical errors and saving millions of lives.”
The healthcare AI market is expected to experience significant growth in the coming years as more healthcare providers look for ways to improve patient care and reduce costs. However, adopting AI technology in healthcare can be challenging, as it requires significant investment and a willingness to embrace new technology.
Ferrum helps health systems overcome challenges in the adoption of AI, according to company officails. Through a privately deployed platform, Ferrum offers data security along with a growing catalog of AI applications across a multitude of therapeutic areas that drive early diagnosis and intervention.
AI widely impacts the care delivery system, from medical imaging interpretation to fostering equity in healthcare. Company officials say Ferrum streamlines a health system’s AI strategy through a simplified integration and single contract, making the implementation of healthcare AI equitable for all.